Nick Millican: London Landlords Are Fearing Empty Properties

Real estate expert Nick Millican reveals that London landlords are dropping their rent prices for fear of their properties sitting empty. The real estate agent reveals certain places in London have seen rent prices dropping up to 10 percent.

The number of landlords dropping rent prices in February increased to over 100 percent. Landlords, explains Nick Millican, are under extreme pressure to get tenants into their properties.

Compared to 2022, there are approximately 40 percent more rental properties available. The problem is there are not enough tenants to fill the vacancies. Fewer tenants were looking for rentals in February than landlords anticipated. This, according to Nick Millican, is the whole new trend.

Now, more rentals have become available. The unfortunate circumstances are leaving landlords in a bind. To adjust, Nick Millican informs, landlords are taking a closer look at their rent prices. Many are lowering their rates to remain competitive and fill their vacancies.

Just over a year ago, real estate agent Nick Millican reveals, the opposite was going on in the rental market; the prices were continuing to climb, and tenants were competing with one another for places to rent. It does not help that landlords have grown accustomed to raising their rents since COVID. If they do not take the initiative to adjust prices, landlords will have empty properties, says Millican.